Kanzhun (BZ) Q1 2025 earnings summary

Executive summary

• Achieved Q1 2025 revenue of CNY 1.92 billion (RMB 1,923.3 million), up 12.9%–13% year-on-year, with net income of CNY 510 million (RMB 512.1 million), up 111.9%–112% year-on-year.

• Adjusted net income rose 43.9% to CNY 763.9 million, with adjusted operating income of CNY 690 million and margin of 36%, up 13 percentage points year-on-year.

• User base and engagement expanded, with verified MAU reaching 57.6 million, up 23.6%–24% year-on-year, and paid enterprise customers up 12%–12.3% to 6.4 million.

• Operational strategy focused on core business, technological innovation, and AI-powered services, driving efficiency and engagement.

• Blue-collar new users accounted for over 45% of new users, driving blue-collar revenue to over 39%.

Financial highlights

• Revenue from online recruitment services to enterprise customers grew 12.9% year-on-year to RMB 1,901.4 million.

• Adjusted net margin improved to 39.7% from 31.1% in Q1 2024.

• Net cash from operating activities was CNY 1.0 billion (RMB 1,003.1 million), up 10.8%–11% year-on-year; cash position at CNY 14.8 billion (RMB 14,785.2 million) as of March 31, 2025.

• Total operating costs and expenses decreased by 8% year-on-year to CNY 1.5 billion.

• ARPPU increased by 5% year-on-year, mainly from key accounts.

Outlook and guidance

• Q2 2025 revenue expected between CNY/RMB 2.05 billion and 2.08 billion, up 6.9%–8.5% year-on-year.

• Confident in achieving CNY 3 billion non-GAAP operating profit target for the full year.

• Focus remains on user growth, monetization efficiency, and ARPPU expansion.